Blackstone Wins NY Regulator's OK To Build $2B Power Line

Law360, Los Angeles (April 18, 2013, 5:34 PM EDT) -- The New York State Public Service Commission on Thursday approved the construction of Blackstone Group LP's controversial, multibillion-dollar power line from Quebec to New York City, saying taxpayers would benefit from the project's low-cost Canadian hydropower and that it wouldn't harm the environment.

The Champlain Hudson Power Express project, to be built by Blackstone affiliate Transmission Developers Inc., would cost $2 billion but save New York City $600 million per year in electricity bills, according to the private equity giant. Opponents say it would cost $11...